# Shimano (7309.JP)

Canonical: https://gigainvestors.com/s/7309.JP

Analysis as of: 2026-10-15T07:11:18.560Z. Financial observations: FY2012–FY2025.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 18,355.00 per share; close as of 2026-10-15.

Estimated value: low JPY 12,534.94 per share, central JPY 13,526.66 per share, high JPY 14,846.84 per share. Buy at or below the central value JPY 13,526.66 per share. Valuation as of 2026-10-15T07:11:18.560Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.22×

- FY2021: 0.27×

- FY2022: 0.27×

- FY2023: 0.18×

- FY2024: 0.14×

- FY2025: 0.11×

### moat: fail

- Recent gross margin fell 4.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 23.8%

- ROIC, second-lowest year: 14.4%

- Typical minus recent gross margin: 4.1 pp

- Typical gross margin (annual median): 39.9%

- Recent gross margin (lower of latest and 3-year median): 35.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 20.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.8%

- FY2017: 23.6%

- FY2018: 24.0%

- FY2019: 22.6%

- FY2020: 28.1%

- FY2021: 44.6%

- FY2022: 40.4%

- FY2023: 20.1%

- FY2024: 14.4%

- FY2025: 8.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 369B

- Net income, five-year total: JPY 416B

- Return on incremental invested capital: -19.6%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.3 pp

- Working capital / revenue, final three-year average: 25.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.86×

- FY2024: 0.72×

- FY2025: 0.56×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.0% vs 14.4%

- Per-share earnings: 549.76 to 676.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: JPY -252B

- Cumulative retained earnings: JPY 283B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.6%

- Per-share value change: JPY 127.01

- Per-share value, starting three-year median: JPY 549.76

- Per-share value, ending three-year median: JPY 676.77

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 19B

- Cumulative net income, 10 years: JPY 674B

- ROIC, first three-year median: 24.0%

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: JPY 549.76

- FY2017: JPY 414.69

- FY2018: JPY 581.77

- FY2019: JPY 559.15

- FY2020: JPY 684.71

- FY2021: JPY 1K

- FY2022: JPY 1K

- FY2023: JPY 676.77

- FY2024: JPY 853.36

- FY2025: JPY 388.17

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: -6.3%

- FY2018: 0.9%

- FY2019: -3.0%

- FY2020: -4.7%

- FY2021: 0.5%

- FY2022: 2.1%

- FY2023: -6.1%

- FY2024: -1.1%

- FY2025: -3.2%

## Holders

## Price story

Down 42% since Oct 2021 · sales +3.4%

Story as of 2026-10-16T10:00:14.615Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2024–2025

sales +3.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf; observed 2026-03-17.

- FY2016: JPY 323B 

- FY2017: JPY 336B 

- FY2018: JPY 348B 

- FY2019: JPY 363B 

- FY2020: JPY 378B 

- FY2021: JPY 547B 

- FY2022: JPY 629B 

- FY2023: JPY 474B 

- FY2024: JPY 451B 

- FY2025: JPY 466B 

### Gross margin · FY2025

gross margin 35.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf; observed 2026-03-17.

- FY2016: 40.7% 

- FY2017: 40.9% 

- FY2018: 39.2% 

- FY2019: 38.7% 

- FY2020: 40.5% 

- FY2021: 42.3% 

- FY2022: 42.2% 

- FY2023: 38.5% 

- FY2024: 38.2% 

- FY2025: 35.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 466.2 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf (filed 2026-03-17); FY2025: revenue 466243000000; grossProfit 166616000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.7% to 38.5% during 2023–25; it earns 23.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2024: grossProfit / revenue = 38.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf (filed 2026-03-17); FY2025: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); 10-year return on capital observations [[2016,0.24753098632550188],[2017,0.23598577001376134],[2018,0.24021781830619504],[2019,0.2263003048941278],[2020,0.28140903770543224],[2021,0.4457083438036917],[2022,0.4041300432567866],[2023,0.20145444241972474],[2024,0.14431923603807364],[2025,0.08536074326504993]]; median 0.23810179415997818. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 26.4% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2016: growth capex 0; upkeep 32014000000; owner earnings 34467000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2017: growth capex 0; upkeep 15661000000; owner earnings 41568000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2018: growth capex 3893069781.612377; upkeep 20301930218.387623; owner earnings 51119069781.61238. Growth capex / owner earnings = 0.07615689796868567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2019: growth capex 4911348052.594963; upkeep 21042651947.405037; owner earnings 48385348052.59496. Growth capex / owner earnings = 0.10150486149766492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2020: growth capex 5024930577.132973; upkeep 22540069422.867027; owner earnings 58449930577.13297. Growth capex / owner earnings = 0.08596982969041964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2021: growth capex 1285000000; upkeep 18749000000; owner earnings 115049000000. Growth capex / owner earnings = 0.011169154012638093.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2022: growth capex 6520000000; upkeep 20992000000; owner earnings 127160000000. Growth capex / owner earnings = 0.051273985530040894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2023: growth capex 0; upkeep 31315000000; owner earnings 52645000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2024: growth capex 0; upkeep 45577000000; owner earnings 54609000000. Growth capex / owner earnings = 0.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf (filed 2026-03-17); FY2025: growth capex 5059275639.623871; upkeep 40706724360.37613; owner earnings 19142275639.62387. Growth capex / owner earnings = 0.26429854709391704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Dividend observations: [[2016,14365000000],[2017,14363000000],[2018,14366000000],[2019,14367000000],[2020,14371000000],[2021,36596000000],[2022,21497000000],[2023,25804000000],[2024,26630000000],[2025,28609000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf (filed 2026-03-17); FY2025: cash repurchases 50006000000 JPY.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual decline was 12.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Ten-year compound average after fade. Initial solved rate 0.08327699034844727. Price 18355; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 806.8566972977186 → FY2025 218.600721809679. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 18,790.00 per share

- 2016-12: JPY 18,340.00 per share

- 2017-01: JPY 17,810.00 per share

- 2017-02: JPY 16,600.00 per share

- 2017-03: JPY 16,250.00 per share

- 2017-04: JPY 17,030.00 per share

- 2017-05: JPY 17,200.00 per share

- 2017-06: JPY 17,780.00 per share

- 2017-07: JPY 16,180.00 per share

- 2017-08: JPY 14,860.00 per share

- 2017-09: JPY 14,990.00 per share

- 2017-10: JPY 15,470.00 per share

- 2017-11: JPY 15,520.00 per share

- 2017-12: JPY 15,850.00 per share

- 2018-01: JPY 15,600.00 per share

- 2018-02: JPY 15,480.00 per share

- 2018-03: JPY 15,340.00 per share

- 2018-04: JPY 14,540.00 per share

- 2018-05: JPY 15,390.00 per share

- 2018-06: JPY 16,260.00 per share

- 2018-07: JPY 16,050.00 per share

- 2018-08: JPY 17,140.00 per share

- 2018-09: JPY 18,310.00 per share

- 2018-10: JPY 15,440.00 per share

- 2018-11: JPY 16,580.00 per share

- 2018-12: JPY 15,520.00 per share

- 2019-01: JPY 15,220.00 per share

- 2019-02: JPY 16,910.00 per share

- 2019-03: JPY 18,000.00 per share

- 2019-04: JPY 16,290.00 per share

- 2019-05: JPY 16,640.00 per share

- 2019-06: JPY 16,030.00 per share

- 2019-07: JPY 15,430.00 per share

- 2019-08: JPY 15,270.00 per share

- 2019-09: JPY 16,280.00 per share

- 2019-10: JPY 18,100.00 per share

- 2019-11: JPY 17,700.00 per share

- 2019-12: JPY 17,770.00 per share

- 2020-01: JPY 16,860.00 per share

- 2020-02: JPY 15,120.00 per share

- 2020-03: JPY 15,440.00 per share

- 2020-04: JPY 15,840.00 per share

- 2020-05: JPY 19,810.00 per share

- 2020-06: JPY 20,750.00 per share

- 2020-07: JPY 23,000.00 per share

- 2020-08: JPY 22,450.00 per share

- 2020-09: JPY 20,720.00 per share

- 2020-10: JPY 23,765.00 per share

- 2020-11: JPY 24,740.00 per share

- 2020-12: JPY 24,085.00 per share

- 2021-01: JPY 24,605.00 per share

- 2021-02: JPY 23,810.00 per share

- 2021-03: JPY 26,375.00 per share

- 2021-04: JPY 25,035.00 per share

- 2021-05: JPY 24,800.00 per share

- 2021-06: JPY 26,350.00 per share

- 2021-07: JPY 27,950.00 per share

- 2021-08: JPY 32,300.00 per share

- 2021-09: JPY 32,900.00 per share

- 2021-10: JPY 31,580.00 per share

- 2021-11: JPY 31,400.00 per share

- 2021-12: JPY 30,660.00 per share

- 2022-01: JPY 25,615.00 per share

- 2022-02: JPY 26,580.00 per share

- 2022-03: JPY 28,155.00 per share

- 2022-04: JPY 23,300.00 per share

- 2022-05: JPY 22,785.00 per share

- 2022-06: JPY 22,920.00 per share

- 2022-07: JPY 22,270.00 per share

- 2022-08: JPY 24,820.00 per share

- 2022-09: JPY 22,740.00 per share

- 2022-10: JPY 23,075.00 per share

- 2022-11: JPY 23,380.00 per share

- 2022-12: JPY 20,920.00 per share

- 2023-01: JPY 22,990.00 per share

- 2023-02: JPY 21,215.00 per share

- 2023-03: JPY 22,840.00 per share

- 2023-04: JPY 21,020.00 per share

- 2023-05: JPY 21,910.00 per share

- 2023-06: JPY 23,960.00 per share

- 2023-07: JPY 21,550.00 per share

- 2023-08: JPY 21,400.00 per share

- 2023-09: JPY 20,165.00 per share

- 2023-10: JPY 21,555.00 per share

- 2023-11: JPY 22,755.00 per share

- 2023-12: JPY 21,835.00 per share

- 2024-01: JPY 21,355.00 per share

- 2024-02: JPY 20,860.00 per share

- 2024-03: JPY 22,725.00 per share

- 2024-04: JPY 25,815.00 per share

- 2024-05: JPY 25,690.00 per share

- 2024-06: JPY 24,845.00 per share

- 2024-07: JPY 26,730.00 per share

- 2024-08: JPY 27,400.00 per share

- 2024-09: JPY 27,170.00 per share

- 2024-10: JPY 22,765.00 per share

- 2024-11: JPY 20,950.00 per share

- 2024-12: JPY 21,390.00 per share

- 2025-01: JPY 21,910.00 per share

- 2025-02: JPY 20,415.00 per share

- 2025-03: JPY 20,985.00 per share

- 2025-04: JPY 20,185.00 per share

- 2025-05: JPY 20,565.00 per share

- 2025-06: JPY 20,905.00 per share

- 2025-07: JPY 16,575.00 per share

- 2025-08: JPY 16,430.00 per share

- 2025-09: JPY 16,600.00 per share

- 2025-10: JPY 16,205.00 per share

- 2025-11: JPY 16,495.00 per share

- 2025-12: JPY 16,535.00 per share

- 2026-01: JPY 17,630.00 per share

- 2026-02: JPY 16,760.00 per share

- 2026-03: JPY 16,430.00 per share

- 2026-04: JPY 16,415.00 per share

- 2026-05: JPY 16,505.00 per share

- 2026-06: JPY 17,345.00 per share

- 2026-07: JPY 20,125.00 per share

- 2026-08: JPY 19,945.00 per share

- 2026-09: JPY 17,825.00 per share

- 2026-10: JPY 17,965.00 per share

## Annual estimated value (JPY per share)

- FY2019: low JPY 8,540.16 per share, central JPY 9,326.77 per share, high JPY 10,373.92 per share

- FY2020: low JPY 9,153.05 per share, central JPY 9,971.74 per share, high JPY 11,061.59 per share

- FY2021: low JPY 13,299.87 per share, central JPY 14,606.90 per share, high JPY 16,346.83 per share

- FY2022: low JPY 19,114.17 per share, central JPY 25,337.84 per share, high JPY 28,961.90 per share

- FY2023: low JPY 15,822.83 per share, central JPY 19,501.46 per share, high JPY 21,928.50 per share

- FY2024: low JPY 14,390.76 per share, central JPY 15,565.61 per share, high JPY 17,129.59 per share

- FY2025: low JPY 12,391.30 per share, central JPY 13,362.90 per share, high JPY 14,656.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XQSE.pdf); period 2025-12-31, filed 2026-03-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Shimano

7309 · JP

TOPIX Large70

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: JPY 18,355.00
Buy up to: JPY 13,526.66
Expected / yr: 7.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 24% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 19.0%
Worst year: 11.1%
Latest · 2025: 11.1%

Gross margin fell 4.1 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 23.8%
Worst year: 8.5%
Latest · 2025: 8.5%

New investment earned -19.6% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.89×
Annual median: 0.86×
Latest · 2025: 0.56×

Per-share value rose from 549.76 to 676.77, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: JPY 629.27
Worst year: JPY 388.17
Latest · 2025: JPY 388.17

Profits were backed by cash: accruals were -3.2% of assets (limit 10%).

Sloan accruals

10y median: -3.0%
Worst year: 2.1%
Latest · 2025: -3.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 19.6%, three-year average owner earnings per share 470.62 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 18790.00; 2016-12 · Price JPY 18340.00; 2017-01 · Price JPY 17810.00; 2017-02 · Price JPY 16600.00; 2017-03 · Price JPY 16250.00; 2017-04 · Price JPY 17030.00; 2017-05 · Price JPY 17200.00; 2017-06 · Price JPY 17780.00; 2017-07 · Price JPY 16180.00; 2017-08 · Price JPY 14860.00; 2017-09 · Price JPY 14990.00; 2017-10 · Price JPY 15470.00; 2017-11 · Price JPY 15520.00; 2017-12 · Price JPY 15850.00; 2018-01 · Price JPY 15600.00; 2018-02 · Price JPY 15480.00; 2018-03 · Price JPY 15340.00; 2018-04 · Price JPY 14540.00; 2018-05 · Price JPY 15390.00; 2018-06 · Price JPY 16260.00; 2018-07 · Price JPY 16050.00; 2018-08 · Price JPY 17140.00; 2018-09 · Price JPY 18310.00; 2018-10 · Price JPY 15440.00; 2018-11 · Price JPY 16580.00; 2018-12 · Price JPY 15520.00; 2019-01 · Price JPY 15220.00 · Value 9326.77 · Buy at or below 9326.77; 2019-02 · Price JPY 16910.00 · Value 9326.77 · Buy at or below 9326.77; 2019-03 · Price JPY 18000.00 · Value 9326.77 · Buy at or below 9326.77; 2019-04 · Price JPY 16290.00 · Value 9326.77 · Buy at or below 9326.77; 2019-05 · Price JPY 16640.00 · Value 9326.77 · Buy at or below 9326.77; 2019-06 · Price JPY 16030.00 · Value 9326.77 · Buy at or below 9326.77; 2019-07 · Price JPY 15430.00 · Value 9326.77 · Buy at or below 9326.77; 2019-08 · Price JPY 15270.00 · Value 9326.77 · Buy at or below 9326.77; 2019-09 · Price JPY 16280.00 · Value 9326.77 · Buy at or below 9326.77; 2019-10 · Price JPY 18100.00 · Value 9326.77 · Buy at or below 9326.77; 2019-11 · Price JPY 17700.00 · Value 9326.77 · Buy at or below 9326.77; 2019-12 · Price JPY 17770.00 · Value 9326.77 · Buy at or below 9326.77; 2020-01 · Price JPY 16860.00 · Value 9326.77 · Buy at or below 9326.77; 2020-02 · Price JPY 15120.00 · Value 9971.74 · Buy at or below 9971.74; 2020-03 · Price JPY 15440.00 · Value 9971.74 · Buy at or below 9971.74; 2020-04 · Price JPY 15840.00 · Value 9971.74 · Buy at or below 9971.74; 2020-05 · Price JPY 19810.00 · Value 9971.74 · Buy at or below 9971.74; 2020-06 · Price JPY 20750.00 · Value 9971.74 · Buy at or below 9971.74; 2020-07 · Price JPY 23000.00 · Value 9971.74 · Buy at or below 9971.74; 2020-08 · Price JPY 22450.00 · Value 9971.74 · Buy at or below 9971.74; 2020-09 · Price JPY 20720.00 · Value 9971.74 · Buy at or below 9971.74; 2020-10 · Price JPY 23765.00 · Value 9971.74 · Buy at or below 9971.74; 2020-11 · Price JPY 24740.00 · Value 9971.74 · Buy at or below 9971.74; 2020-12 · Price JPY 24085.00 · Value 9971.74 · Buy at or below 9971.74; 2021-01 · Price JPY 24605.00 · Value 9971.74 · Buy at or below 9971.74; 2021-02 · Price JPY 23810.00 · Value 14606.90 · Buy at or below 14606.90; 2021-03 · Price JPY 26375.00 · Value 14606.90 · Buy at or below 14606.90; 2021-04 · Price JPY 25035.00 · Value 14606.90 · Buy at or below 14606.90; 2021-05 · Price JPY 24800.00 · Value 14606.90 · Buy at or below 14606.90; 2021-06 · Price JPY 26350.00 · Value 14606.90 · Buy at or below 14606.90; 2021-07 · Price JPY 27950.00 · Value 14606.90 · Buy at or below 14606.90; 2021-08 · Price JPY 32300.00 · Value 14606.90 · Buy at or below 14606.90; 2021-09 · Price JPY 32900.00 · Value 14606.90 · Buy at or below 14606.90; 2021-10 · Price JPY 31580.00 · Value 14606.90 · Buy at or below 14606.90; 2021-11 · Price JPY 31400.00 · Value 14606.90 · Buy at or below 14606.90; 2021-12 · Price JPY 30660.00 · Value 14606.90 · Buy at or below 14606.90; 2022-01 · Price JPY 25615.00 · Value 14606.90 · Buy at or below 14606.90; 2022-02 · Price JPY 26580.00 · Value 25337.84 · Buy at or below 25337.84; 2022-03 · Price JPY 28155.00 · Value 25337.84 · Buy at or below 25337.84; 2022-04 · Price JPY 23300.00 · Value 25337.84 · Buy at or below 25337.84; 2022-05 · Price JPY 22785.00 · Value 25337.84 · Buy at or below 25337.84; 2022-06 · Price JPY 22920.00 · Value 25337.84 · Buy at or below 25337.84; 2022-07 · Price JPY 22270.00 · Value 25337.84 · Buy at or below 25337.84; 2022-08 · Price JPY 24820.00 · Value 25337.84 · Buy at or below 25337.84; 2022-09 · Price JPY 22740.00 · Value 25337.84 · Buy at or below 25337.84; 2022-10 · Price JPY 23075.00 · Value 25337.84 · Buy at or below 25337.84; 2022-11 · Price JPY 23380.00 · Value 25337.84 · Buy at or below 25337.84; 2022-12 · Price JPY 20920.00 · Value 25337.84 · Buy at or below 25337.84; 2023-01 · Price JPY 22990.00 · Value 25337.84 · Buy at or below 25337.84; 2023-02 · Price JPY 21215.00 · Value 19501.46 · Buy at or below 19501.46; 2023-03 · Price JPY 22840.00 · Value 19501.46 · Buy at or below 19501.46; 2023-04 · Price JPY 21020.00 · Value 19501.46 · Buy at or below 19501.46; 2023-05 · Price JPY 21910.00 · Value 19501.46 · Buy at or below 19501.46; 2023-06 · Price JPY 23960.00 · Value 19501.46 · Buy at or below 19501.46; 2023-07 · Price JPY 21550.00 · Value 19501.46 · Buy at or below 19501.46; 2023-08 · Price JPY 21400.00 · Value 19501.46 · Buy at or below 19501.46; 2023-09 · Price JPY 20165.00 · Value 19501.46 · Buy at or below 19501.46; 2023-10 · Price JPY 21555.00 · Value 19501.46 · Buy at or below 19501.46; 2023-11 · Price JPY 22755.00 · Value 19501.46 · Buy at or below 19501.46; 2023-12 · Price JPY 21835.00 · Value 19501.46 · Buy at or below 19501.46; 2024-01 · Price JPY 21355.00 · Value 19501.46 · Buy at or below 19501.46; 2024-02 · Price JPY 20860.00 · Value 15565.61 · Buy at or below 15565.61; 2024-03 · Price JPY 22725.00 · Value 15565.61 · Buy at or below 15565.61; 2024-04 · Price JPY 25815.00 · Value 15565.61 · Buy at or below 15565.61; 2024-05 · Price JPY 25690.00 · Value 15565.61 · Buy at or below 15565.61; 2024-06 · Price JPY 24845.00 · Value 15565.61 · Buy at or below 15565.61; 2024-07 · Price JPY 26730.00 · Value 15565.61 · Buy at or below 15565.61; 2024-08 · Price JPY 27400.00 · Value 15565.61 · Buy at or below 15565.61; 2024-09 · Price JPY 27170.00 · Value 15565.61 · Buy at or below 15565.61; 2024-10 · Price JPY 22765.00 · Value 15565.61 · Buy at or below 15565.61; 2024-11 · Price JPY 20950.00 · Value 15565.61 · Buy at or below 15565.61; 2024-12 · Price JPY 21390.00 · Value 15565.61 · Buy at or below 15565.61; 2025-01 · Price JPY 21910.00 · Value 15565.61 · Buy at or below 15565.61; 2025-02 · Price JPY 20415.00 · Value 13362.90 · Buy at or below 13362.90; 2025-03 · Price JPY 20985.00 · Value 13362.90 · Buy at or below 13362.90; 2025-04 · Price JPY 20185.00 · Value 13362.90 · Buy at or below 13362.90; 2025-05 · Price JPY 20565.00 · Value 13362.90 · Buy at or below 13362.90; 2025-06 · Price JPY 20905.00 · Value 13362.90 · Buy at or below 13362.90; 2025-07 · Price JPY 16575.00 · Value 13362.90 · Buy at or below 13362.90; 2025-08 · Price JPY 16430.00 · Value 13362.90 · Buy at or below 13362.90; 2025-09 · Price JPY 16600.00 · Value 13362.90 · Buy at or below 13362.90; 2025-10 · Price JPY 16205.00 · Value 13362.90 · Buy at or below 13362.90; 2025-11 · Price JPY 16495.00 · Value 13362.90 · Buy at or below 13362.90; 2025-12 · Price JPY 16535.00 · Value 13362.90 · Buy at or below 13362.90; 2026-01 · Price JPY 17630.00 · Value 13362.90 · Buy at or below 13362.90; 2026-02 · Price JPY 16760.00 · Value 13526.66 · Buy at or below 13526.66; 2026-03 · Price JPY 16430.00 · Value 13526.66 · Buy at or below 13526.66; 2026-04 · Price JPY 16415.00 · Value 13526.66 · Buy at or below 13526.66; 2026-05 · Price JPY 16505.00 · Value 13526.66 · Buy at or below 13526.66; 2026-06 · Price JPY 17345.00 · Value 13526.66 · Buy at or below 13526.66; 2026-07 · Price JPY 20125.00 · Value 13526.66 · Buy at or below 13526.66; 2026-08 · Price JPY 19945.00 · Value 13526.66 · Buy at or below 13526.66; 2026-09 · Price JPY 17825.00 · Value 13526.66 · Buy at or below 13526.66; 2026-10 · Price JPY 17965.00 · Value 13526.66 · Buy at or below 13526.66; 2026-10 · Price JPY 18355.00 · Value 13526.66 · Buy at or below 13526.66

JPY per share · annual estimates

Price & return math
Value range	JPY 12,534.94 – JPY 14,846.84
Buy at or below	Central value JPY 13,526.66
Discount to value	1 − 18355.00 / 13526.66 = -35.7%
Return / year	About 7.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash JPY 658.05/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash JPY 5342.25/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueJPY 466B

Revenue

Owner earningsJPY 19B

Owner earnings

Operating margin11.1%

Operating margin

Net cash / debtJPY 473B

Net cash / debt

Diluted shares88M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·